NEOS Investment Management LLC Buys New Stake in Flex Ltd. $FLEX

Key Points

• NEOS Investment Management purchased 35,010 Flex shares worth approximately $5.67 million, while other institutions—including State Street, UBS Asset Management, Polar Capital and KBC Group—also increased their positions. Institutional investors and hedge funds collectively own 94.3% of Flex.
• Analysts maintain a generally positive view, with one Strong Buy, nine Buy and two Hold ratings, producing a consensus “Moderate Buy” rating and a $114.20 target price. Recent targets were lowered by Goldman Sachs and Barclays.
• Flex reported quarterly revenue of $7.93 billion and adjusted earnings of $1.00 per share; however, insiders sold about 426,938 shares worth $61.9 million over the past three months, primarily to cover tax obligations from equity awards.

NEOS Investment Management LLC purchased a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 35,010 shares of the technology company's stock, valued at approximately $5,674,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Flex during the fourth quarter worth $319,756,000. State Street Corp grew its position in Flex by 38.0% during the second quarter. State Street Corp now owns 12,259,554 shares of the technology company's stock valued at $611,997,000 after buying an additional 3,377,669 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Flex by 694,916.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company's stock valued at $159,573,000 after buying an additional 2,640,682 shares in the last quarter. Polar Capital Holdings Plc raised its position in shares of Flex by 141.8% in the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company's stock worth $223,140,000 after acquiring an additional 2,165,780 shares during the period. Finally, KBC Group NV boosted its stake in shares of Flex by 541.5% during the 1st quarter. KBC Group NV now owns 1,965,811 shares of the technology company's stock worth $128,682,000 after acquiring an additional 1,659,384 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Robert W. Baird set a $142.00 target price on Flex in a research report on Thursday, July 30th. Zacks Research downgraded Flex from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. The Goldman Sachs Group dropped their price objective on Flex from $177.00 to $154.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Barclays cut their price objective on Flex from $203.00 to $144.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. Finally, Freedom Capital upgraded Flex from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Flex currently has an average rating of "Moderate Buy" and a consensus target price of $114.20.

Flex Price Performance

FLEX opened at $109.51 on Monday. The company has a market cap of $40.45 billion, a PE ratio of 42.28 and a beta of 1.67. Flex Ltd. has a twelve month low of $53.07 and a twelve month high of $166.86. The company has a 50-day moving average price of $122.84 and a 200 day moving average price of $109.12. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The company had revenue of $7.93 billion for the quarter. Sell-side analysts expect that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Insider Transactions at Flex

In related news, CEO Revathi Advaithi sold 39,188 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total value of $5,689,313.84. Following the completion of the transaction, the chief executive officer directly owned 584,278 shares of the company's stock, valued at approximately $84,825,480.04. This represents a 6.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Daniel Wendler sold 1,311 shares of Flex stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.20, for a total transaction of $190,357.20. Following the sale, the chief accounting officer directly owned 37,932 shares in the company, valued at approximately $5,507,726.40. This trade represents a 3.34% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 426,938 shares of company stock valued at $61,941,083. Insiders own 0.62% of the company's stock.

Trending Headlines about Flex

Here are the key news stories impacting Flex this week:

• Positive Sentiment: AI data-center and grid exposure: EPC Power designs power-conversion systems for data centers, utility-scale energy storage and microgrids. Its grid-forming technology and support for next-generation 800-volt data-center architectures could allow Flex to benefit from rising AI infrastructure and electricity-demand investment. Flex to Acquire EPC Power
• Positive Sentiment: Strategic expansion: Management plans to incorporate EPC Power into Flex’s upcoming spin-off, potentially creating a more focused power-infrastructure business and highlighting the value of the acquired assets. Flex Buys EPC Power
• Neutral Sentiment: Large transaction to assess: The $4.4 billion purchase is a major expansion for Flex. Investors will likely focus on the deal’s funding, integration progress, contribution to earnings and how the business will be structured within the planned spin-off. Flex to Acquire EPC Power
• Neutral Sentiment: Investor engagement: Flex leadership is scheduled to participate in the Goldman Sachs Communacopia + Technology Conference, providing an opportunity for management to discuss the acquisition and its AI infrastructure strategy. Flex Investor Conference
• Neutral Sentiment: Valuation support: Zacks highlighted Flex as a potential long-term value stock based on its style-score framework, which may reinforce positive sentiment but does not represent a new operating or earnings update. Why Flex Is a Top Value Stock
• Neutral Sentiment: Legal update: A trade-secret lawsuit involving Flex is reportedly moving toward resolution, but the available report does not indicate a material financial impact. Flex Trade Secret Suit

About Flex

Flex NASDAQ: FLEX, formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source